Hey there! Sign in to join this conversationNew here? Join for free
    • Community Assistant
    • Wiki Support Team
    • Political Ambassador
    • PS Reviewer
    Offline

    18
    ReputationRep:
    Community Assistant
    Wiki Support Team
    Political Ambassador
    PS Reviewer
    (Original post by obi_adorno_kenobi)
    And yet, it does. China has converted into a capitalist economy and one thing capitalists like above all else -profit. Why cut into such profits by wasting money on currency conversion?
    So it's never been a problem in the few hundred years (I'm sure that you'll correct me if I'm wrong ) that we've had international trade, but suddenly with the creation of the euro it is? Now don't you find that a little odd?


    (Original post by ukip72)
    I'm gonna take a wild stab in the dark and say he may not agree with you there.
    You never know....
    Offline

    2
    ReputationRep:
    (Original post by toronto353)
    You never know....
    I wish I had your optimism
    • Community Assistant
    • Wiki Support Team
    • Political Ambassador
    • PS Reviewer
    Offline

    18
    ReputationRep:
    Community Assistant
    Wiki Support Team
    Political Ambassador
    PS Reviewer
    (Original post by ukip72)
    I wish I had your optimism
    Well I think that I've learned that occasionally you have to take a break from tearing strips off people and display a level of false optimism.
    Offline

    0
    ReputationRep:
    (Original post by toronto353)
    So it's never been a problem in the few hundred years (I'm sure that you'll correct me if I'm wrong ) that we've had international trade, but suddenly with the creation of the euro it is? Now don't you find that a little odd?
    It's a fact of economic history. Britain maintained the gold standard as a unit of economic convenience. The US has installed its economic power through the spread of the greenback throughout the Americas and Europe has the Euro to simplify the bloc. It's a trend, of which the Euro is merely a part. And yes, yes it has been a problem for centuries, hence the creation of currency blocs or currency standards. To deny it, I am afraid, is to deny the very history you appeal to to prove your weakened position. China wants to deal with a single currency bloc in Europe just as it can do in the Americas with the dollar. The reason is a simple one: economic convenience.
    Offline

    2
    ReputationRep:
    (Original post by toronto353)
    Well I think that I've learned that occasionally you have to take a break from tearing strips off people and display a level of false optimism.
    So difficult when its Morgsie
    • Community Assistant
    • Wiki Support Team
    • Political Ambassador
    • PS Reviewer
    Offline

    18
    ReputationRep:
    Community Assistant
    Wiki Support Team
    Political Ambassador
    PS Reviewer
    (Original post by ukip72)
    So difficult when its Morgsie
    I don't mind Morgsie as a person really, but we clash over Europe.
    Offline

    7
    ReputationRep:
    (Original post by ukip72)
    So difficult when its Morgsie
    What do you mean???
    Offline

    4
    ReputationRep:
    (Original post by obi_adorno_kenobi)
    -
    Out of interest, how do you think the current Euro crisis can be solved? Do you believe in a two tier Euro, or are you happy with how the single currency currently is?
    Offline

    2
    ReputationRep:
    (Original post by obi_adorno_kenobi)
    The question of joining is quite separate from patriotic fervour for the pound. I asked you why Labour promotes the latter and you give me an answer for the former! I support us joining the Euro when fiscal circumstances allow. The world is moving towards major currency blocks and it makes sense for us to be part of one. Keeping the pound now is good sense. But again, that wasn't what came out of Labour's original position.
    Ah - I'll answer that for you then. Labour do not agree with simply keeping the pound because "it's British and that's what's best, damnit!". Our policy is that keeping the pound right now is the sensible thing to do, but in the future, should Europe's fiscal policy become much more aligned, we'd be willing to join it.

    (Original post by toronto353)
    Moving towards TSR UKIP style management then?
    I don't know what the UKIP management is so I'll not comment
    • Community Assistant
    • Wiki Support Team
    • Political Ambassador
    • PS Reviewer
    Offline

    18
    ReputationRep:
    Community Assistant
    Wiki Support Team
    Political Ambassador
    PS Reviewer
    (Original post by davidmarsh01)
    I don't know what the UKIP management is so I'll not comment
    Moving away from one party policy to allowing members to have their own opinions and freely display them.
    Offline

    2
    ReputationRep:
    (Original post by Morgsie)
    What do you mean???
    I mean we also clash over Europe, I don't mind you as a person either.
    Offline

    0
    ReputationRep:
    (Original post by eff01)
    Out of interest, how do you think the current Euro crisis can be solved? Do you believe in a two tier Euro, or are you happy with how the single currency currently is?
    I don't know, I'm an historian not an economist.
    Offline

    4
    ReputationRep:
    (Original post by obi_adorno_kenobi)
    I don't know, I'm an historian not an economist.
    Do you support joining the Euro though? If yes, do you think the Euro in its current form is correct?
    Offline

    0
    ReputationRep:
    (Original post by eff01)
    Do you support joining the Euro though? If yes, do you think the Euro in its current form is correct?
    I think it's fairly apparent that I do. Any answer to your second question is rather circumspect. A single currency with the UK involved will be quite different to now. As it happens, I think the UK being outside is part of the problem particularly for the Irish and if we did join we would act as the major counterbalance to Germany. Britain has big links with Spain, Greece and Portugal. The Germans may not care, but we do and that gives different attitudes at the heart of Europe. Is the Euro in the wrong form right now? Yes. Why? Because it does not include the UK.
    Offline

    4
    ReputationRep:
    (Original post by obi_adorno_kenobi)
    I think it's fairly apparent that I do. Any answer to your second question is rather circumspect. A single currency with the UK involved will be quite different to now. As it happens, I think the UK being outside is part of the problem particularly for the Irish and if we did join we would act as the major counterbalance to Germany. Britain has big links with Spain, Greece and Portugal. The Germans may not care, but we do and that gives different attitudes at the heart of Europe. Is the Euro in the wrong form right now? Yes. Why? Because it does not include the UK.
    So you want Britain to join the Euro and see the only problem with the Eurozone at the moment is that Britain is not part of it. Nothing about disparity in economic growth, levels of development, state of each members states' economy? It's all very well saying we should join the Euro, but the argument for joining the Euro should be an economic one not a Britain is friends with certain countries and the Irish would benefit...

    I personally feel the Euro in its current form is unsustainable, if Eurozone members want their currency to survive they radically need to reform it.
    Offline

    0
    ReputationRep:
    (Original post by eff01)
    So you want Britain to join the Euro and see the only problem with the Eurozone at the moment is that Britain is not part of it. Nothing about disparity in economic growth, levels of development, state of each members states' economy? It's all very well saying we should join the Euro, but the argument for joining the Euro should be an economic one not a Britain is friends with certain countries and the Irish would benefit...

    I personally feel the Euro in its current form is unsustainable, if Eurozone members want their currency to survive they radically need to reform it.
    See, this doesn't relate to what I said. You asked about form and that is my answer. That's not to say that issues of disparity and so forth don't count as problems but you dismiss the importance of Britain's connectivity with the countries I mentioned rather foolishly. But hey go £ :rolleyes:
    Offline

    0
    ReputationRep:
    Well thanks Labour
    • Community Assistant
    • Wiki Support Team
    • Political Ambassador
    • PS Reviewer
    Offline

    18
    ReputationRep:
    Community Assistant
    Wiki Support Team
    Political Ambassador
    PS Reviewer
    (Original post by obi_adorno_kenobi)
    Well thanks Labour
    What's up?
    • Community Assistant
    Offline

    21
    ReputationRep:
    Community Assistant
    Truth be told whilst their are no major economic benefits to joining the Euro, the disadvantage of not being able to set your own interest rates is rather overblown (there is no major inflation or deflation occurring as a result of having one currency), rather what has occurred is that the Euro has allowed nations with poor economic management to hide their problems by getting cheap funding and not undergoing economic restructuring, this is why fiscal integration is deeply needed and whilst some may complain at the harsh conditions Germany applies to its bailouts, at least it is forcing these nations to adopt policies that in the long term will pay off.

    The main advantage of the Eurozone is political power in that once Europe becomes a fully sovereign political power it will have an immense say on the global stage and the UK when in conflict will be completely overwritten, there is also the integration argument. A similar block is in the offing in South America which will emerge as a power should they go all the way.

    Personally i would not be opposed provided that nessesary reforms are undertaken both economic and political and the UK retains power over taxation.

    I will say however that the Eurozone is certainly not optimum in my opinion and the perfect block would consist of nations with long term trade surpluses, fiscal deficit below 3% over the long term and national debt below 70% over the long term. (when i say long term i mean over 10 years).

    In summary, status-quo will do for now however once Europe becomes fully federal and sovereign we should have a proper in-out referendum.
    Offline

    1
    ReputationRep:
    (Original post by Rakas21)
    Truth be told whilst their are no major economic benefits to joining the Euro, the disadvantage of not being able to set your own interest rates is rather overblown (there is no major inflation or deflation occurring as a result of having one currency), rather what has occurred is that the Euro has allowed nations with poor economic management to hide their problems by getting cheap funding and not undergoing economic restructuring, this is why fiscal integration is deeply needed and whilst some may complain at the harsh conditions Germany applies to its bailouts, at least it is forcing these nations to adopt policies that in the long term will pay off.

    The main advantage of the Eurozone is political power in that once Europe becomes a fully sovereign political power it will have an immense say on the global stage and the UK when in conflict will be completely overwritten, there is also the integration argument. A similar block is in the offing in South America which will emerge as a power should they go all the way.

    Personally i would not be opposed provided that nessesary reforms are undertaken both economic and political and the UK retains power over taxation.

    I will say however that the Eurozone is certainly not optimum in my opinion and the perfect block would consist of nations with long term trade surpluses, fiscal deficit below 3% over the long term and national debt below 70% over the long term. (when i say long term i mean over 10 years).

    In summary, status-quo will do for now however once Europe becomes fully federal and sovereign we should have a proper in-out referendum.
    This is a really good post, pretty spot on imo.
 
 
 
Reply
Submit reply
TSR Support Team

We have a brilliant team of more than 60 Support Team members looking after discussions on The Student Room, helping to make it a fun, safe and useful place to hang out.

Updated: December 8, 2017
  • See more of what you like on The Student Room

    You can personalise what you see on TSR. Tell us a little about yourself to get started.

  • Poll
    Brussels sprouts
  • See more of what you like on The Student Room

    You can personalise what you see on TSR. Tell us a little about yourself to get started.

  • The Student Room, Get Revising and Marked by Teachers are trading names of The Student Room Group Ltd.

    Register Number: 04666380 (England and Wales), VAT No. 806 8067 22 Registered Office: International House, Queens Road, Brighton, BN1 3XE

    Quick reply
    Reputation gems: You get these gems as you gain rep from other members for making good contributions and giving helpful advice.